Thermal Management Market

Thermal Management Market by Material (Adhesives, Nonadhesive), Device (Conduction, Convection, Advanced, and Hybrid), Thermal Management Service (Installation & Calibration and Optimization & Post-sales Support), End-Use Industry, and Region – Global Forecast to 2024

Report Code: SE 5290 Jul, 2019, by marketsandmarkets.com

Thermal management market size was worth USD 11.1 billion in 2019 and is projected to reach USD 16.2 billion by 2024, at a CAGR of 8.0% during 2019–2024. Major drivers for the market are the rising demand for effective thermal management solutions and systems in consumer electronics; increasing use of electronic devices in different end-use industries; and ongoing radical miniaturization of electronic devices.

Thermal Management Market

Thermal management market for nonadhesive thermal management material is expected to hold the largest share during the forecast period.”

The nonadhesive thermal management material market is expected to lead the market between 2018 and 2024. Nonadhesive materials such as thermal pads, gap fillers, and grease are used widely in consumer electronics such as computers, laptops, and other handheld devices such as tablets. Thermal pads are used to fill the gaps between heat sinks and microprocessors. They eliminate air gaps to reduce thermal resistance and provide low-stress vibration dampening. Elastomeric pads were developed as an alternative to grease-based solutions used earlier for thermal management.

“Thermal Management Market for Convection cooling devices expected to hold the largest market share from 2019 to 2024”

Convection cooling devices of in thermal management are increasingly being used in electronic components, electronic circuits, and PCBs. These devices help lower the peak temperature of different systems where they are installed with natural and forced convection cooling technologies. Devices such as loop heat pipes, heat pumps, heat sinks, and heat spreaders are used for effective cooling of processors and computers, among others.

“Thermal Management Market for Consumer electronics is expected to hold the largest market share from 2019 to 2024”

Thermal management solutions are used prominently in several consumer electronics such as personal computers, laptops, smartphones, and gaming devices. Thermal management in consumer electronics involves chip cooling to protect electronic components such as processors and transistors from overheating. For multi-core processors, the noise can be avoided by using large heat sinks, heat pipes, and cooling fans. For instance, high conductivity materials such as phase change materials (PCMs) and thermal interface materials are used widely in smartphones and laptops to manage the cooling of electronic components and integrated chips. Thus, an increasing number of processors and the shrinking size of electronic components is leading to the rise in demand for thermal management solutions and systems in consumer electronics.

Thermal Management Market

“Thermal Management market in Asia Pacific expected to account for the largest market share from 2019 to 2024.”

The region has emerged as a global focal point for large investments and business expansion opportunities. Moreover, increasing demand for effective thermal management solutions and systems from consumer electronics, automotive, defense, and healthcare sectors is also fueling the growth of the thermal management market in APAC.

Flourishing chip manufacturing companies in countries such as China and South Korea are contributing to the growth of the market in APAC. The region holds a major position in the global semiconductor chip manufacturing industry with China, Japan, South Korea, and Taiwan leading the industry due to the presence of companies such as SK Hynix Inc. (South Korea), Renesas Electronics Corporation (Japan), Toshiba Corporation (Japan), and Samsung Group (South Korea) in these countries.

Key Market Players:

Key players in the thermal management market include Honeywell International Inc. (US), Aavid Thermalloy LLC. (US), Vertiv Co. (US), European Thermodynamics Ltd. (UK), and Master Bond Inc. (US), Advanced Cooling Technologies, Inc. (US), Dau Thermal Solutions Inc. (US), Amerasia International Technology Inc. (US), Heatex AB (Sweden), and Parker Chomerics (US). Major players in the market have adopted strategies such as agreements, product launches & developments, mergers & acquisitions, and partnerships to grow in the market.

Market Report Scope

Report Metric

Details

Market size available for years

2016-2024

  Base year considered

2018

  Forecast period

2019–2024

  Forecast units

Value (USD)

  Segments covered

Material, Device, Service, End-Use Industry, and Region

  Geographies covered

North America, Europe, APAC, and RoW

  Companies covered

Honeywell International Inc. (US), Aavid Thermalloy LLC. (US), Vertiv Co. (US), European Thermodynamics Ltd. (UK), Master Bond Inc. (US), Advanced Cooling Technologies, Inc. (US), Dau Thermal Solutions Inc. (US), Amerasia International Technology Inc. (US), Heatex AB (Sweden), and Parker Chomerics (US)

Total 20 major players covered

The thermal management market comprises solution providers such as Honeywell International Inc. (US), Aavid Thermalloy LLC. (US), Vertiv Co. (US), European Thermodynamics Ltd. (UK), Master Bond Inc. (US), Advanced Cooling Technologies, Inc. (US), Dau Thermal Solutions Inc. (US), Amerasia International Technology Inc. (US), Heatex AB (Sweden), LORD Corporation (US), Parker Chomerics (US), Laird PLC (UK), Henkel AG & Company, KGaA (Germany), and Delta Electronics, Inc. (Taiwan).

The report also describes the drivers, restraints, opportunities, and challenges for the growth of the market. In addition to the in-depth view on market segmentation, the report includes critical market data and qualitative information for each type, along with qualitative analysis, such as value chain analysis, market ranking analysis, and competitive situations and trends. The report targets technology providers, product and service providers, system integrators, and end-use industries in the market.

The thermal management market has been covered in detail in this report. To provide a holistic picture, the current market demand and forecasts have also been included in the report. The thermal management market has been segmented as below

Market, by Material

  • Adhesive Material
  • Nonadhesive Material

Market, by Device

  • Conduction Cooling Devices
  • Convection Cooling Devices
  • Advanced Cooling Devices
  • Hybrid Cooling Devices

Market, by Service

  • Installation & Calibration
  • Optimization & Post-sales Support

Market, by End-Use Industry

  • Aerospace & Defense
  • Automotive
  • Servers & Data Centers
  • Consumer Electronics
  • Enterprises
  • Healthcare
  • Others

Market, by Region

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Rest of the World (RoW)

Recent Developments in Thermal Management Industry

  • In March 2019, Master Bond introduced Supreme 3HTS-80, a one-part silver-filled epoxy adhesive
  • In February 2019, Laird Thermal Systems, a thermal division of the company, developed a large capacity direct-to-air thermoelectric assembly (TEA)
  • In May 2018, Advanced Cooling Technologies (ACT) launched its new patented isothermal card edge, ICE-Lok wedgelock

Critical questions the report answers:

  • Where will all these developments take the industry in the mid- to long-term?
  • What are the upcoming industries for thermal management applications?
  • Who are the important players in the thermal management market?
  • What are the upcoming products and technologies in the thermal management market?
  • What are the major drivers, restraints, opportunities, and challenges for the thermal management market?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Table of Contents

1 Introduction
    1.1 Study Objectives 
    1.2 Definition
    1.3 Study Scope
           1.3.1 Market Covered
           1.3.2 Geographic Scope
           1.3.3 Years Considered
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Primary Sources
                    2.1.2.2 Key Industry Insights
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown & Data Triangulation
    2.4 Research Assumptions 

3 Executive Summary

4 Premium Insights

5 Market Overview
    5.1 Introduction 
    5.2 Market Dynamics
           5.2.1 Drivers
           5.2.2 Restraints
           5.2.3 Opportunities
           5.2.4 Challenges
    5.3 Value Chain Analysis

6 Thermal Management Market, By Materials
    6.1 Introduction
    6.2 Adhesive Materials 
           6.2.1 Tapes
           6.2.2 Films
                    6.2.2.1 Thermally Conductive
                    6.2.2.2 Electronically Conductive
           6.2.3 Adhesive Liquids
                    6.2.3.1 Heat Cure
                    6.2.3.2 Room Temperature Cure
    6.3 Non- Adhesive Materials 
           6.3.1 Pads
                    6.3.1.1 Electrically Insulating (if data available)
                    6.3.1.2 Non Electrically insulating (if data available)
           6.3.2 Gap Fillers
           6.3.3 Phase Change Materials
           6.3.4 Greases

7 Thermal Management Market, By Devices
    7.1 Introduction
    7.2 Conduction Cooling Devices
           7.2.1 Wedge locks
           7.2.2 Potting
    7.3 Convection Cooling Devices (passive and active)
           7.3.1 Heat Sink
           7.3.2 Heat Spreaders
           7.3.3 Forced Air and Natural Cooling Devices
           7.3.4 Heat Pumps
    7.4 Advanced Cooling Devices
           7.4.1 Direct Immersion Cooling
           7.4.2 Microchannel Cooling
           7.4.3 Cold Plates
           7.4.4 Other (Cryogenic Cooling, Refrigerant Cooling, and Spray Cooling)
    7.5 Hybrid Cooling Devices
           7.5.1 Electrowetting
           7.5.2 Spot Coolers
           7.5.3 Vapour Chambers
           7.5.4 Compact Heat Exchangers
           7.5.5 Thermoelectric Cooling
           7.5.6 Other (Jet impingement cooling, Heat super conductors)

8 Thermal Management Market, By Service
    8.1 Introduction
    8.2 Installation and Calibration
    8.3 Optimization and Post-Sales Support

9 Thermal Management Market, By End-Use Application
    9.1 Aerospace & Defense 
    9.2 Automotive
           9.2.1 Battery Thermal Management
                    9.2.1.1 Hybrid Vehicle
                    9.2.1.2 Plug-In Electric Vehicle
           9.2.2 Engine Control Thermal Management
           9.2.3 Waste Heat Recovery and Emissions Reduction
           9.2.4 Brake and Suspension Cooling Systems
           9.2.5 Seat Heating and Cooling
           9.2.6 Automotive LED Lighting System
    9.3 Servers and Data Centers
    9.4 Consumer Electronics
           9.4.1 Laptop and Computer
           9.4.2 Audio amplifier components
           9.4.3 Home Appliances (TV, Fridge, Washing Machine, Blender, Oven, etc.)
           9.4.4 Power supplies
           9.4.5 Gaming Devices
           9.4.6 Mobile phones
    9.5 Healthcare
           9.5.1 Large Infrastructure Equipment
           9.5.2 Portable Equipment

10 Thermal Management Market, Geographic Analysis
     10.1 Introduction
     10.2 North America
             10.2.1 US
             10.2.2 Canada
             10.2.3 Mexico
     10.3 Europe
             10.3.1 UK
             10.3.2 Germany
             10.3.3 France
             10.3.4 Rest of Europe
     10.4 APAC
             10.4.1 Japan
             10.4.2 China
             10.4.3 South Korea
             10.4.4 India
             10.4.5 Rest of APAC
     10.5 RoW

11 Competitive Landscape
     11.1 Introduction
     11.2 Market Ranking Analysis
     11.3 Competitive Situation and Trends
     11.4 Competitive Leadership Mapping
             11.4.1 Visionary Leaders
             11.4.2 Dynamic Differentiators
             11.4.3 Innovators
             11.4.4 Emerging Companies

12 Company Profiles
     12.1 Aavid Thermalloy 
     12.2 European Thermodynamics 
     12.3 Advanced Cooling Technologies 
     12.4 DAU Thermal Solutions 
     12.5 Amerasia International (AI) Technology 
     12.6 Honeywell International 
     12.7 Heatex AB
     12.8 Laird 
     12.9 LORD CORP. 
     12.10 Henkel AG
     12.11 Master Bond 
     12.12 Parker (Chomerics)
     12.13 Delta Electronics
     12.14 Danfoss
     12.15 Vertiv Co.
     12.16 Gentherm 
     12.17 Kelvion Holdings
     12.18 API Heat Transfer
     12.19 Thermotek Inc.
     12.20 Jaro Thermal

Thermal management market study involved four major activities in estimating the size of the thermal management market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market’s size. After that, market breakdown and data triangulation were used to estimate the market sizes of segments and sub-segments

Thermal Management Market- Secondary Research

In the thermal management market report, both top-down and bottom-up approaches have been used to estimate and validate the size of the thermal management market, along with other dependent submarkets. The key players in the market have been identified through secondary research, and their market ranks have been determined through primary and secondary research. This entire research methodology involved studying annual and financial reports of the top players and interviewing experts (such as CEOs, VPs, directors, and marketing executives) for key insights (both quantitative and qualitative).

All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources. All the possible parameters that may affect the markets covered in this research study have been accounted for, viewed in detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data. This data has been consolidated and supplemented with detailed inputs and analysis from MarketsandMarkets and presented in thermal management market report.

Thermal Management Market- Primary Research

The thermal management market supply chain comprises several stakeholders, such as component suppliers, manufacturers, system integrators, distribution channels, marketing & sales, and end-users. The demand side of this market is characterized by aerospace & defense, automotive, servers & data centers, consumer electronics, enterprises, healthcare, and other industries; the supply side is characterized by technology and hardware suppliers, solution providers, and system integrators. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. The breakdown of the primary respondents of this market is provided below:

Thermal Management Market

To know about the assumptions considered for the market study, download the pdf brochure

Market Size Estimation

Both top-down and bottom-up approaches were used to estimate and validate the total size of the thermal management market. These methods were also extensively used to estimate the sizes of various market sub-segments. The research methodology used to estimate the market sizes includes the following:

  • The key players in the market were identified through extensive secondary research.
  • The industry’s supply chain and market size, in terms of value, were determined through primary and secondary research.
  • All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.

Market Data Triangulation

After arriving at the overall market size—using the market size estimation processes explained above—the market was split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.

The main objectives of the market study are:

  • To define, describe, and forecast the thermal management market based on material type, device, service, end-use industry, and region.
  • To forecast the market size of various segments, in terms of value, with respect to four main regions, namely, North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
  • To provide detailed information regarding the major factors such as drivers, restraints, opportunities, and challenges influencing the growth of the market.
  • To analyze opportunities in the market for various stakeholders by identifying high-growth segments of the thermal management market.
  • To strategically profile key players and comprehensively analyze their market ranking and core competencies, along with detailed competitive landscape for the market leaders.
  • To analyze competitive developments such as agreements, contracts, partnerships, mergers & acquisitions, and product launches & developments in the thermal management market.

Available Customizations

Device Analysis:

  • The market size of different subsegments of the device segment of the thermal management market.

Company Information:

  • Detailed analysis and profiling of additional market players (up to 5).
Report Code
SE 5290
Published ON
Jul, 2019
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